LEAGUE CITY, TX-A Texas-based joint venture has snagged another 35 acres abutting last month's 26-acre buy. The land bank will be built out as Lighthouse Island, a mixed-use development with luxury mid- and high-rise condos, estate homes, townhouses and patio homes.
Due to confidentiality agreements, the land price is being kept under wraps. Similar plots in the area, though, have traded for $13,000 to $20,000 per acre.
"We haven't finalized much about the design or planning on this," says Robert Stratton, president of Houston-based Verandah Cos., which has equity backing from Dallas-based Crow Holdings Realty Partners IV LP.
What is certain is Lighthouse Island will be a private, guarded and gated community at the eastern edge of Lighthouse Boulevard and near FM 2094. The reason why the partners were eager to buy the land from seller Southshore Harbour Development Ltd. is its waterfront view. "Between Verandah and Crow, we now control about 60 acres, complete with 8,000 feet of waterfront property," Stratton tells GlobeSt.com. "It's hard to find that type of land with a good waterfront view."
A groundbreaking date has yet to be set. The general contractor's award is pending. Nancy Pointer, president of Verandah Management Inc., and David Smith, president of Verandah Construction Inc., are helping to oversee the development.
Lighthouse Island is located in the 2,200-acre South Shore Harbour master-planned community along Clear Lake's south shore. In addition to single-family and high-density residential, South Shore Harbour includes a 17-hole championship golf course and country club, 300,000 sf of office space, 115,000 sf of retail and the 250-room South Shore Harbour Resort & Conference Center.
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